Question
In what way was Ricardos law of comparative advantage superior to Smiths theory of absolute advantage? How do gains from trade arise with comparative advantage?
In what way was Ricardo’s law of comparative advantage superior to Smith’s theory of absolute advantage? How do gains from trade arise with comparative advantage? How can a nation that is less efficient than another nation in the production of all commodities export anything to the second nation?
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Managerial Economics Markets and the Firm
Authors: William Boyes
2nd edition
618988629, 978-0618988624
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